Importance of HR

BIZ n BYTES - a quarterly published Journal of Business & Information Management - ISSN No (0976 - 0458) Volume 2 May 2012
Effect of Human Resource Management Practices on Organizational Performance: An Empirical assessment of Banking Industry in Rajasthan
Naveen Kumar Sharma***Dr. Vijay Mohan Vyas
ABSTRACT Human Resource is the most important asset for any organization and it is the source of achieving competitive advantage. To cope with the challenges efficiently, human resource has been considered as one of the most important factors in todays hypercompetitive market place. Managing human resources is very challenging as compared to managing technology or capital and for its effective management, organization requires effective HRM system. HRM system should be backed up by sound HRM practices. HRM practices refer to organizational activities directed at managing the pool of human resources and ensuring that the resources are employed towards the fulfillment of organizational goals. Due to growing competition, growing consolidation; franchising and slow economic growth in the developed and developing nations, human resource management (HRM) recognised and appreciated to be a pivotal performance tool and academic discipline. The banking industry has witnessed unprecedented growth & development during recent past and HRM can be a powerful engine to transform this into proactive results. Thus, this paper has two fold objectives: to explore HRM practices in the banking industry in Rajasthan and to examine their impact on organizational performance. A structured instrument was designed in order to investigate the prevailing HRM practices. Factor analysis was performed to classify and categorize the prevailing HRM practices and co-efficient of correlation was performed to find out the relationship between HRM practices and organizational performance. The Study reveals that there is a positive relationship between HRM practices and organizational performance in banking industry. Further, the study made an attempt to add exploratory data in the field of banking HRM. The study provides insight to management to use these practices as strategic tool for superior performance, and add to the limited empirical knowledge that exists in Indian context Keywords: human resource management (HRM), banking Industry practices, organizational performance.
*Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 1
INTRODUCTION During recent past human resource management (HRM) concept has been defined by many scholars (Heery and Noon, 2001, Mohinder, 2010,). However, there is no common agreement on what should be included in the HRM. In fact, there has been considerable debate as to whether HRM differs significantly from personnel management (Legge, 1995). Further, Legge (1995) suggests that HRM is merely a new rhetoric concerned with masking the labour intensification and commoditization required by the enterprise culture (Keenoy and Anthony, 1992). Much of the literature, however, focuses on normative models of HRM which attempt to describe what HRM is supposed to be (Fombrun et al., 1984; Hendry and Pettigrew, 1986; Guest, 1987). According to Jyothi & Venkatesh (2009) HRM is responsible for selecting and inducting competent people, training them, facilitating them and motivating them to perform at high levels of efficiency and providing mechanisms to ensure that they maintain their affiliation with the organization. Moreover, HRM is a pivotal tool in the hands of management to ensure efficient and maximum utilization of human resources. Thus, HRM refers to all of the dedicated activity that an organization uses to affect the behaviors of all the people who work for it (Jackson & Schuler, 2003 and Briscoe & Schuler, 2004). Developments in the field of HRM are now well documented in the management literature (Sparrow and Budhwar, 1997; Budhwar et al., 2006; Sani and Budhwar, 2004; Som, 2008; Anastassova and Purcell, 1995; Watson, 2007 and Buick & Muthu, 1997; Lepak et.al, 2006; Mohinder, 2010, Mohinder & Anastasia, 2007). In fact, the last twenty years have witnessed rapid developments in the field of HRM, which are an outcome of a number of factors such as growing competition, growing consolidation and franchising, slow economic growth in the Western developed nations, realisation of HRM as performance tool, HRM as academic discipline, and HRM-specific positions in the industry. This is mainly due to numerous fundamental changes which have occurred in the business environment, especially in banking industry. In the context of a developing economy like India, where the need for formation of capital is pressing, where developments in the field of industrial and bank management are dynamic, and where financial crises accompanying pangs of economic growth are frequent, the challenges posed by HRM are great importance; and, as a sequel, exploring the possibilities of the application of HRM becomes a very relevant field of enquiry and research. Beerdwell et. al. (1984) defined HRM as a strategic approach to the management of human resources that involves all management decisions and actions that affect the relationship *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 2
between the organization and employees. Beardwell et al., (2004) regard HRM as the philosophy, policies, procedures, and practices related to the management of people within an organization. Senyucels (2009) sees HRM as a combination of people-centered management practices that recognizes employees as assets and geared to creating and maintaining skilful and committed workforce for achieving organizational goals. HRM is a distinctive approach to employment management which seeks to achieve competitive advantage through the strategic development of a highly committed and capable workforce using an integrated array of cultural, structural and personnel techniques (Storey, 2001). Human resource measurement is about valuing the contribution people make to the success of an organization, and the term human capital describes the contribution made by human skills and knowledge to the production of goods and services (Becker, 1993). From these definitions, it is clear that efficient HRM practices are inevitable factor in determining the growth and prospects of any organization. Human resource is the most precious asset and delicate factor of production. In this global competitive world, it is necessary to retain skilled workers in the organization by efficient HRM practices. Every organization operates its activities with the support of human resource which includes top level managers, executives, supervisors and other employees. The overall performance of any organization depends upon the extent to which human resource is effectively utilized. Highlighting the importance of people in organization, Khera (1999) opined that today when most business houses are obsessed with Total Quality Management (TQM) in order to stay ahead of competition, very few organizations realize that their most precious assets are their employees. Due to lack of efficient HRM practices reduces employees satisfaction towards their organization and ultimately that affects their commitment to the organization. Thus, above discussion revealed that HRM practices are not a set of discrete actions but rather a cohesive and holistic approach to make an organization more competitive and productive. This is especially more useful in case of banking industry where only service quality make the difference. It is also observed that banking industry require highly skilled, innovative workforce, which has a bare minimum turnover. The trends are changing and it is observed that increasing number of banks all over the world are implementing effective HRM practices with greater employee involvement to increase their productivity and profitability. No empirical research has so far been undertaken to investigate the effects of HRM practices on firms performance in this industry. Thus a gap exists in the research in this area of strategic importance. The present study is an attempt to address this gap. The present study will offer valuable insight to the management of these organizations about the strategic importance of HRM practices for superior and sustainable organizational performance. In addition, it will add information to the limited empirical knowledge about link of HRM practices and business performance in a developing economy, where the *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 3
strategic role of HRM is gaining popularity as a vital tool for business performance. Recognizing these vary facts, the present paper aims at to explore HRM practices in banking industry in Rajasthan and to examine their impact on organizational performance. LITERATURE REVIEW Human resource management (HRM) is considered a critical organizational resource that helps an organization sustain its effectiveness. It is one important area that influences a number of employees' attitudes and behavior such as intent to leave, levels of job satisfaction, and organizational commitment (Lee & Heard, 2000). Pfeffer (1998) suggested that soft or high commitment human resource management practices are those that generate trust in employees and these practices include giving employees empowerment and involvement in decision making; extensive communication about functioning and performance of the employees service; designing training for skills and personal development of employees; selective hiring; team-working where idea are pooled and creative solutions are encouraged; rewards system that commensurate with effort; reduction of status between the management and staff and all workers are valued regardless of their role. According to Macky & Boxall (2007), the scientific literature assumes a causal link flowing from HRM practices to organizational performance via the responses of employees. Organizations that do not pay equitably compared to others may lose their employees because of the noncompetitive compensation package (Adams, 1965). According to Lawler (2005), society has entered a new era in the relationship between organizations and their employees. In this new era, people are the primary source for a companys competitive advantage and organizational prosperity and survival depends on how employees are treated. The human aspect of HRM is concerned with the relationship between employer and employee and it associated with the human relations movement and the concept of high commitment work practices developed by (Walton, 1985). The best Human Resource practices areas are recruitment and selection, socialization, job design, training, communication/participation, career development, performance management, employee reward and job security (Huselid, 1995). It is plausible that when employees judge the organization to be fair and supportive in their treatment particularly with regards to the availability and frequency of promotional opportunities, adequacy of pay and good supervision, positive feelings of well being will be created, which is likely to stimulate that to reciprocate by increasing their loyalty to the organization and reducing turnover (Nasurdin et. al., 2001). The motivation and opportunity focused bundles of Human Resource practices positively related to affective commitment and negatively related to turnover (Gardner et. al., 2007). Wayne et. al. (1997) suggested that HRM practices that signaled the organization's *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 4
intentions to invest in employees (such as developmental experiences and training) produced higher levels of affective organizational commitment. HR practices such as pay, benefits and training are negatively related to turnover because they motivate employees and "lock" them to their jobs (Lazear, 1986; Madrian, 1994; Gruber & Madrian, 1994). Review of literature indicated essential HRM practices as workforce planning (Matthis & Jackson, 2004); job analysis (Cascio, 2006; Dessler, 2003); training and development (Kundo, 2003); recruitment and selection (Kulik, 2004); compensation and reward (Milkovich & Newmen, 1999); performance appraisal (Bernardin & Russel, 1993); career management (Schein, 1996); human resource information system (Wolfe, 1998); quality of work life, personnel diversity, employees attitude surveys (Armstrong, 2005; Bracken, 2000; Hayes, 1999). In meta-analysis of 104 articles, Boselie et al., (2005) concluded that the top four HRM practices are efficient recruitment and selection, training and development, contingency and reward system, and performance management that have been extensively used by different researchers. In recent years, the focus of research on HRM has shifted from study and relationship of individual HRM practices on business performance to entire HRM system and its influence on organizational performance. The researchers have different views about this new paradigm. Some researchers claim that the system view of HRM is appropriate, but others contend that to arbitrarily combine multiple [HRM sub-] dimensions into one measure creates unnecessary reliability problems (Becker & Huselid, 1988, p.63). In addition, comprehensive examination of individual HRM practices highlights the significant predictor of business performance (Bjorkman & Budhwar, 2007). Researchers have used financial and non financial metrics to measure organizational performance. The financial measures include profit, sales, and market share. Non-financial measures include productivity, quality, efficiency, and the attitudinal and behavioural measures such as commitment, intention to quit, and satisfaction. (Dyer & Reeves, 1995). Divergent views exist to measure the organizational performance based on financial as well as non-financial measures. Hoskisson et al., (2000) identified the problems related to measurement of financial dimensions in emerging economies. It has been argued that lack of market based financial reporting, inadequate regulatory mechanism and enforcement about financial reporting, lack of transparency in financial reporting, and provision of fictitious financial information are important issues facing emerging economies (Bae & Lawer, 2000; Hoskisson et al., 2000). Shaw et al. (1998) indicate that involuntary turnover is affected by staffing practices (recruitment and selection process) and employee monitoring (performance appraisal). DeCenzo and Robbins (1996) opine that employee training has become increasingly important as job have become more sophisticated and influenced by technological changes. Bernardin and Russel (1993) opine that over the years, training has become increasingly popular as HR *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 5
tool for improving employee and managerial performance in organization. Buck and Watsons (2002) indicated nine important HRM practices such as decentralization, Compensation, Participation, training, development, employment security, social interactions, management style, communications, and performance appraisal. According to Klaus et al. (2003), through better job assignment or work design, employees may display greater commitment, leading to better job performance. OBJECTIVES The present study investigated five HRM practices namely; recruitment and selection, manpower planning, job design, training and development, quality circle and pay system and examined the effects of these practices on subjective measures of performance (Sales growth, Productivity within organization , Profitability within Industry , Goal achievement , Good service quality, Return on Investment) and overall perceived performance. HYPOTHESES Hypothesis 1: There exists a most important set of HRM practices in banking industry of Rajasthan. Hypothesis 2: There is a positive relationship between HRM practices and organisational performance. RESEARCH METHODOLOGY Sampling and Data Collection Questionnaire survey was carried out from February 2011 to April 2012. Primary data was collected from a sample of 24 randomly selected banks operating in public and private sectors in banking industry in India. Two hundred fifty questionnaires were dispatched to these banks. A total of 194 filled questionnaires were received with a response rate of 78%. The respondents were managers in these companies at various tiers of management. RESEARCH INSTRUMENTS AND DATA ANALYSIS HRM practices: To find the most important set of HRM practices in banking industry in Rajasthan, factor analysis was performed with varimax rotation. The research used existence of 27 HRM practices (see Table 3) measured on a Likerttype 5-point scale ranging from 1=never, 2= rarely, 3=sometimes, 4=often and 5=very often in case of usage and 3-point scale ranging from 1=not important, 2=moderately important, 3= important in case importance. The scale includes the six central attributes of HRM practices as discussed in the literature. Organizational performance: To find the impact of HRM practices on organizational performance of banking industry in Rajasthan, Correlation coefficient was applied which is a common measure to examine the relationship *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 6
between the two or more than two variables. The research used the existence of 7 performance variables (see Table 4) measured on Likert-type 5-point scale ranging from 1=strongly disagree, 2=disagree, 3= neutral, 4=agree and 5=strongly agree. Test of Normality of Data Co linearity test was undertaken to determine the normality of data..The results reflected that Tolerance levels (< or equal to 0.01) and Variation Inflation Factor (VIF) values (below 10) were within acceptable range (Kleinbaum et al., 1988). The results did not indicate multi co linearity between variables.
Table 1 Reliability Analysis
Variables Recruitment and Selection Manpower Planning Job design Training and Development Quality Circle Pay System Overall Alpha for the Instrument Table 2 Test of Co linearity Variables Recruitment and Selection Manpower Planning Job design Training and Development Quality Circle Pay System Tolerance 0.653 0.593 0.502 0.731 0.701 0.768
Cronbach's Alpha 0.794 0.812 0.832 0.795 0.826 0.841 0.932
Variance Inflation Factor (VIF) 1.514 1.705 1.974 1.365 1.421 1.364
RESULTS AND DISCUSSIONS Table 3 presents the results from exploratory principal components factor analyses with varimax rotation on the 27 individual HRM practices items categorised into six groups. The HRM practices items were factored into six factors explaining from 75.21 to 82.33 percent of total variation. The first factor, we label as Recruitment & Selection (RS) that comprises of application processing, selection criterion, recruitment tests, interview techniques, synchronized terms and conditions and multi-skilling and experience The item with the highest factor loading is multi-skilling and experience (0.96). The second *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 7
factor Manpower Planning (MP) includes job sharing, work culture, career planning and manpower requirements. The item with the highest factor loading is job sharing (0.90). The third factor Job Design (JD) consists of adaptable job description, job identification, cross-cultural job design and team working. The item with the highest factor loading is cross-cultural job design. The fourth factor Training and development (TD) comprise. Need based training and development criteria, induction and placement programmes, leadership development and formal training and development. The item with highest factor loading is need based training & development criteria (0.80). The fifth factor Quality Circle (QC) comprises of effective utilization of subordinates, employee participation in setting standards, involvement of employees in quality circle and feedback on performance in a supportive manner. The item with the highest factor loading is employee participation in standard setting (0.79). Finally, the sixth factor Pay System (PS) includes promotion and transfers, rewards and recognitions, formal performance appraisal, non-financial incentives and appreciation for a job well done. The item with the highest factor loading is appreciation for a job well done (0.81). The foregoing analysis reveals that the multi-skilling & experience, Job sharing, Cross-cultural job design, Need based training & development, employee participation in standard setting and appreciation for a job well done constitute the most important HRM practices in the banking industry in Rajasthan. In light of these results H1 may be accepted, supporting that there is a set of HRM practices in the banking industry of Rajasthan that is of most importance.
Table - 3 Factor analysis of HRM practices in banking industry in Rajasthan
HRM Practices Explained Variation (Percent) Eigen Values 1. Application processing Selection criterion Recruitment tests Interview techniques Synchronized terms and conditions Multi-skilling and experience Mean Factor 1 82.33 Factor 2 81.13 Factor 3 78.43 Factor 4 79.17 Factor 5 76.31 Factor 6 75.21
2.15
2.6
2.75
1.85
1.77
1.9
Recruitment and Selection (RS) 4.06 3.9 3.89 3.32 3.27 4.59 0.67 0.89 0.8 0.92 0.82 0.96
2.
Manpower Planning (MP) 4.12 3.87 3.38 3.34 0.9 0.79 0.77 0.8
Job sharing Work culture Career planning Manpower requirements 3. Job design (JD) Adaptable job description
3.39 Job identification Cross-cultural job design 4.26 Team working 4. 3.97 Training and Development (TD) 3.45
0.82 0.8 0.9 0.81
Need based T&D criteria Induction and placement programmes Leadership development Formal training and development 5. Quality Circle (QC) Effective utilization of subordinates Employee participation in setting standards Involvement of employees in quality circles Feedback on performance in a supportive manner
4.05 3.72 3.91 3.93
0.8 0.73 0.67 0.74
3.4
0.65
4.15
0.79
3.96
0.67
3.81 6. Pay System (PS) 3.92
0.62
Promotion and
0.73
transfers Rewards and recognitions 3.48 Formal performance appraisal 3.41 Non-financial incentives Appreciation for a job well done 3.44 0.76 0.74 0.67
3.49
0.81
In order to examine the impact of HRM practices on organisational performance or to test H2, correlation co-efficient was performed. Correlations were calculated between the factors representing the six HRM systems of HRM, and the organisational performance variables. These six factors were developed by a number of conceptually consistent HRM practices in the questionnaire, determined by factor analysis. This approach is acceptable while testing hypotheses and a number of factors to be extracted. The resultant correlation coefficients are presented in Table 4, where it can be seen that all correlations are positive, highly significant and in most cases their values are rather high. On looking table 4, it is found that: (i) good service quality is highly correlated with recruitment & selection factor where as sales growth is least correlated but it is significant at 10 % level. (ii) Productivity within organization is highly correlated with manpower planning factor where as good service quality is least correlated but it is significant at 10 % level. (iii) Productivity within organization is highly correlated with job design factor where as sales growth is least correlated but it is significant at 10 % level. (iv) Good service quality is highly correlated with training & development factor where as goal achievement is least correlated but it is significant at 10 % level. (v) Profitability within industry is highly correlated with quality circle factor where as sales growth is least correlated but it is significant at 10 % level. (vi) Productivity within organization is highly correlated with pay system factor where as good service quality is least correlated but it is significant at 10 % level. In the light of these results we may accept Hypothesis 2, supporting thus, that there is a positive relationship between HRM practices and organisational performance.
Table - 4 Correlation coefficients between HRM systems and organisation performance Variables
HRM practices ( Factors)
Performance Variables Sales growth (SG) Productivity within organization (PWO) Profitability within Industry (PWI) Goal achievement (GA) Good service quality (GSQ) Return on Investment (ROI) Overall assessment (OA) Note:
Recruitment & Selection (RS) 0.343** 0.364**
Manpower Planning (MP) 0.361** 0.532**
Job Design (JD) 0.220** 0.372***
Training & Development (TD) 0.312** 0.371**
Quality Circle (QC) 0.352** 0.371***
Pay System (PS) 0.291** 0.440***
AHRMPV 0.371 0.406**
0.450***
0.338***
0.279**
0.330**
0.430**
0.356***
0.350
0.370*** 0.460*** 0.351 0.427
0.301** 0.250** 0.391* 0.375**
0.245** 0.290** 0.286 0.372
0.264** 0.415*** 0.309 .0379
0.397*** 0.380** 0.354 0.353
0.290** 0.220** 0.297 0.359
0.396 0.370 0.307 0.407**
*p0.05, **p0.01, ***p0.001
Regression Analysis The results of regression analysis based on independent variables (recruitment and selection, manpower planning, job design, training and development, quality circle and pay system) are reflected in Table 5. The overall model fit for regression equation was determined by F statistics. The model indicate positive and statistically significant relationship (F = 10.639, p < 0.001). The independent variables accounted for 42.4% (R2 = 0.424) of variance in dependent variable of organizational performance. Manpower planning with highest beta coefficient (0.450) is the most significant HRM practice followed by recruitment and selection with beta coefficient (0.440), pay system (0.431), training and development (Beta = 0.361), Quality Circle (Beta = 0.361), and pay system (Beta = 0.342) respectively.
Table 5 Regression Analyses
Items Recruitment and Selection
Proposed Effects +
Path Coefficient 0.44
Observed tvalue
Significance Level
5.362 *000
Manpower Planning Job design Training and Development Quality Circle Pay System
+ + + + +
0.45 0.395 0.361 0.342 0.431
5.158 *000 4.715 *000 3.987 *000 3.987 *000 *000
Significance level: *p<o.oo1; N=194 Overall Model: F= 10.639; p<o.oo1; R2 = 0.424; Adjusted R2 = 0.398
CONCLUSION AND POLICY IMPLICATIONS The purpose of this paper was twofold. First, to examine the most important set of HRM practices and second to find out the impact of HRM practices on organizational performance variables such as sales growth, productivity within organization, profitability within industry, goal achievement, good service quality, return on investment and overall assessment. The major finding with respect to the first objective may be summarised as follows: Regarding most important HRM practices in banking industry of Rajasthan, there exists a set of most important set of HRM practices being used by the banking industry. This set of HRM practices includes recruitment & selection, mute-skilling & experience, manpower planning, job sharing, job design, cross-cultural job design, training & development, need based training & development criteria, quality circle, employee participation in setting standards, pay system and appreciation for a job well done. Adoption of these HRM practices in more effective manner may develop competitive advantages for the banks. The major finding with respect to the second objective may be summarised as follows: It is found that there is a positive relationship between HRM practice variables and performance variables. The performance variables such as sales growth, productivity within organization, profitability within industry, goal achievement and good service quality are highly affected by HRM practices where as performance variables such as return on investment and overall assessment are least affected by HRM practices. It would be appropriate to opine, if banks want to achieve higher performance levels and compete in banking marketplace, they should preferably increase the application of HRM practices. LIMITATIONS AND FURTHER STUDY The study has some limitations. The present study is restricted to a small sample of firms in one industry and may therefore limit the generalizability of the findings. The respondents provided information on implementation of HRM practices and perceived measure of organizational performance. The possibility of respondents bias in reporting may have happened *Assistant Professor Department of Management and Technology Government Engineering College, Bikaner **Assistant Professor Department of Management and Technology Government Engineering College, Bikaner Page 12
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BIZ n BYTES - a quarterly published Journal of Business & Information Management - ISSN No (0976 - 0458) Volume 2 May 2012

Naveen Kumar Sharma***Dr. Vijay Mohan Vyas

Cronbach's Alpha 0.794 0.812 0.832 0.795 0.826 0.841 0.932

0.82 0.8 0.9 0.81

4.05 3.72 3.91 3.93

0.8 0.73 0.67 0.74

3.81 6. Pay System (PS) 3.92

Recruitment & Selection (RS) 0.343** 0.364**

Manpower Planning (MP) 0.361** 0.532**

Job Design (JD) 0.220** 0.372***

Training & Development (TD) 0.312** 0.371**

Quality Circle (QC) 0.352** 0.371***

Pay System (PS) 0.291** 0.440***

AHRMPV 0.371 0.406**

0.370*** 0.460*** 0.351 0.427

0.301** 0.250** 0.391* 0.375**

0.245** 0.290** 0.286 0.372

0.264** 0.415*** 0.309 .0379

0.397*** 0.380** 0.354 0.353

0.290** 0.220** 0.297 0.359

0.396 0.370 0.307 0.407**

*p0.05, **p0.01, ***p0.001

Items Recruitment and Selection

Path Coefficient 0.44

0.45 0.395 0.361 0.342 0.431

5.158 *000 4.715 *000 3.987 *000 3.987 *000 *000

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Recruitment & Selection (RS) 0.343 0.364

Manpower Planning (MP) 0.361 0.532

Job Design (JD) 0.220 0.372*

Training & Development (TD) 0.312 0.371

Quality Circle (QC) 0.352 0.371*

Pay System (PS) 0.291 0.440*

0.370* 0.460* 0.351 0.427

0.301 0.250 0.391* 0.375**

0.245 0.290 0.286 0.372

0.264 0.415* 0.309 .0379

0.397* 0.380 0.354 0.353

0.290 0.220 0.297 0.359

p0.05, p0.01, p0.001

5.158 000 4.715 000 3.987 000 3.987 000 *000